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2022 (7) TMI 21 - AT - Income TaxAddition u/s 68 - unexplained cash credit - HELD THAT:- As in the instant case the assessee has failed to meet the three ingredients of section 68 of the I.T. Act, 1961 i.e., identity of Investor/Creditor, creditworthiness and genuineness of the transaction in the matter. Therefore, clearly proved that assessee has not discharged its initial onus to prove the identity of the Investors, their creditworthiness and genuineness of the transaction in the matter. CIT(A), therefore, rightly confirmed the order of the A.O. Even before the Tribunal the assessee did not take any steps to furnish any documentary evidences in respect of the amount received by it towards the alleged accommodation entry sum of Rs.25 lakhs during the F.Y. 2009-10 and the other addition made by AO. Since the assessee has not placed any material to controvert the findings of lower authorities nor has pointed out any fallacy in the findings of the lower authorities we dismiss the appeal of the assessee.
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